The historic resource estimate was compiled as part of an extensive study by Mr. Richard H. Russell on the archive of historic resource, drilling, engineering, processing, and production data acquired by Palladon from Geneva Steel in connection with the purchase of the property. Many of the drill logs, mining reports, maps and photographs of old mining facilities date back to the 1930's, 1940's & 1950's.

Although historically relevant, none of these historic resource estimates conform to current NI 43-101 standards and will need to be confirmed by appropriate drilling. The Qualified Person did not perform the resource estimates and does not infer or assert that the resource estimates were performed under current NI 43-101 guidelines, nor that the historic resources are reliable or accurate. A current NI 43-101-compliant resource and mine life study is planned for a later date.

Mr. Richard H. Russell, former Chief Geologist of Gold Fields Mining Company between 1991 and 1993, was appointed by Palladon to review and consolidate historic geologic data. Mr. Russell, M.Sc, Geology, is a Qualified Person and has over 38 years experience in the mining industry, is a Licensed Geologist in the State of Washington (#205), and is a member of SEG and SME.

The table below presents documented historical resource estimates performed by or for predecessor companies, including U.S. Steel, Columbia Iron Mining Company, Geneva Steel, NorWest Mine Services, Pincock, Allen & Holt, Basic Manufacturing and Technologies of Utah, and Still & Still Consulting Mining Engineers & Geologists. For further historic reference, a list of supporting documents for the table below is included on the company website alongside further historic information at www.palladonventures.com/s/IronCounty.asp.

On Behalf of the Board of Directors,

Donald G. Foot, Jr., President & Chief Operating Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company focused on the exploration and development of mineral resource projects worldwide. Development stage projects include the Western Utah Copper Project near Milford, Utah, the Iron Mountain project near Cedar City, Utah, in addition to gold exploration projects in Nevada and Argentina.